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- US President Joe Biden is preparing for May 16 to discuss the US debt ceiling.
- Most financial experts believe that if the US government defaults on its debt, they may buy gold.
- Biden stated that if the US does not pay its debt, the “whole world” will be in trouble.
According to a new poll, Bitcoin
Possibility of US Debt Default
According to a new poll, the major cryptocurrency Bitcoin may become one of the top three assets in the US in the event of a theoretical debt default.
As US President Joe Biden prepares to discuss the US debt ceiling with Congress on May 16, investors are looking for ways to protect their savings in the event of a default.
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According to the latest Bloomberg Markets Live Pulse poll, if the US does not raise its debt ceiling and defaults on its debt, gold, US Treasury bonds, and Bitcoin will be the top three assets. The poll was conducted from May 8 to May 12 and had a total of 637 participants, including professional and retail investors.
More than 50% of financial experts believe that if the US government cannot avoid defaulting on its debt, they will buy gold. US Treasury bonds will be the second most popular asset in such a scenario. The poll shows that Bitcoin will be the next alternative for retail investors.
Data from Bloomberg MLIV Pulse poll.
This makes Bitcoin a more popular choice than the US dollar, Japanese yen, or Swiss franc. According to the poll data, about 8% of professional investors and 11% of individual investors said they were more willing to buy Bitcoin.
Consequences of Debt Default
The poll comes at a time when markets are becoming increasingly nervous about the US debt ceiling. In early May, Treasury Secretary Janet Yellen warned that the US faced a dire risk of default on June 1 if the debt limit was not suspended or increased. President Biden later stated that if the US does not pay its debt, the “whole world” will be in trouble.
According to the Bloomberg MLIV Pulse poll, about 60% of respondents said that risks were greater this time than in 2011. 41% of respondents also believe that a default poses a direct threat to the US dollar, the primary global reserve currency.